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CGC's unit wins $2m tender for project in UAE

CGC's unit wins $2m tender for project in UAE
The five-month contract will generate operating profits
CGC
CGC
1.17% 173.00 2.00

Mubasher: A subsidiary of Combined Group Contracting (CGC) in the UAE won a tender worth AED 7.67 million, equivalent to KWD 644,938 ($2.1 million), for parking lots in the UAE.

The owner of the parking lots of the Critical Infrastructure & Coastal Protection Authority (CICPA) in Ghayathi City in the UAE is the Abu Dhabi National Oil Company (ADNOC), according to the company's disclosure to Boursa Kuwait.

The five-month contract will generate operating profits which will be registered in the company's financial results for the coming years.

It is noteworthy to mention that in 2019, the net profit of the company dropped by 29.3% to reach KWD 3.6 million, compared with KWD 5.1 million a year earlier.